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MGM-PATHE COMMUNICATIONS ANNOUNCES CREDIT LYONNAIS BANK NOW OWNS 98.5 PERCENT OF MGM OUTSTANDING COMMON SHARES

 MGM-PATHE COMMUNICATIONS ANNOUNCES CREDIT LYONNAIS BANK
 NOW OWNS 98.5 PERCENT OF MGM OUTSTANDING COMMON SHARES
 CULVER CITY, Calif., May 7 /PRNewswire/ -- MGM-Pathe Communications Co. ("MGM") today announced that as a result of the successful foreclosure by a wholly owned subsidiary of Credit Lyonnais Bank on the shares of MGM common stock held by Pathe Communications Corp., the bank, through its subsidiary, now owns 98.5 percent of MGM's outstanding shares.
 "We are extremely pleased that the issue of the ownership of MGM has now been resolved once and for all in favor of Credit Lyonnais," stated Alan Ladd Jr. and Dennis Stanfill, co-chairmen and co-chief executive officers of MGM. "The past support of the bank has been indispensable to the survival of MGM, and we look forward to its continued support as we concentrate all of our efforts on rebuilding the company -- free from the disruptive influence of Giancarlo Parretti."
 MGM is involved in the worldwide production and distribution of motion picture and television programs and operates theater chains in Europe.
 -0- 5/7/92
 /CONTACT: Craig A. Parson of Pondel Parsons & Wilkinson, 310-207-9300, for MGM-Pathe Communications/ CO: MGM-Pathe Communications Co.; Pathe Communications Corp.; Credit
 Lyonnais Bank ST: California IN: ENT SU:


DM-KJ -- LA021 -- 7725 05/07/92 14:47 EDT
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Publication:PR Newswire
Date:May 7, 1992
Words:212
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